Turk – Bank & Government Collapses, Gold Spike Coming

With continued volatility in major markets, as well as gold and silver, today King World News interviewed James Turk out of Europe. Turk told KWN, “if the central planners try to paper over the insolvency of governments and many of the big banks with more money printing, then gold, silver and the mining shares will rocket even higher than I can imagine.” Here is what Turk had to say about the recent action: “The significance of the big jump on Friday in gold, silver and the mining shares cannot be overstated, Eric. It was very important for a number of reasons. First, it was a continuation of the trend we spoke about on Thursday. The precious metals and the mining shares are showing clear, independent strength.”

James Turk continues:

“In other words, even though stock markets around the world the past few weeks have generally been in a nosedive, gold, silver and the mining shares are climbing higher. Independent strength like this is normally very bullish, and it bodes well for the precious metals and mining shares in the weeks and months ahead. It also suggests that, like last year, this summer is going to be another good one for the precious metals.

Second, the big gains for the precious metals and mining shares on Friday are very rare. Gold was up 3.7% in just one day, and the XAU Index of mining shares climbed even more. It rose 5.8% from the day before. We haven’t seen big daily percentage gains like these since the precious metals started climbing after the Lehman Brothers collapse….